作者:University of Cambridge; Claremont Colleges; Claremont McKenna College; Claremont Graduate University; Rutgers University System; Rutgers University New Brunswick
作者:Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
作者:University of Massachusetts System; University of Massachusetts Amherst
作者:Hoag, C
摘要:The completion of the undersea Atlantic telegraph cable more closely integrated securities markets on two continents. This article conducts an event study on the introduction of the Atlantic Cable in July 1866. Using daily data on one security with a dual listing on the New York and London stock exchanges, the event study provides some evidence that the information lag between the two markets shortened from ten days to zero days. Cointegration analysis confirms the result. Historical markets p...
作者:Massachusetts Institute of Technology (MIT); Pompeu Fabra University; New York University